Nigeria’s inflation rate declined slightly to 23.71% in April 2025, down from 24.23% in March, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Thursday.
The 0.52 percentage point drop was driven by a decrease in the prices of essential food items such as maize flour, wheat grain, dried okro, yam flour, soya beans, rice, bambara beans, and brown beans.
In its report, the NBS stated:
“The Consumer Price Index (CPI) rose to 119.52 in April 2025, reflecting a 2.18-point increase from the previous month.”
Year-on-year, the headline inflation rate dropped by 9.99 percentage points compared to 33.69% recorded in April 2024. This significant decline is partly due to a change in the base year used for calculations (now November 2009 = 100).
Food inflation also showed a sharp year-on-year decline, standing at 21.26% in April 2025, compared to 40.53% in April 2024—a drop of 19.27 percentage points. On a month-on-month basis, food inflation slowed to 2.06%, slightly down from 2.18% in March.
The NBS noted the moderation in prices of key staples contributed to the overall decline in inflation, offering some relief to consumers. However, economists emphasize the need for consistent policy action to maintain price stability in the coming months.
